Chainlink Party Ends As LINK Price Tanks 4%, Key Levels to Watch

Oracle service provider Chainlink (LINK) has been one of the top-performing altcoins over the last few weeks shooting past $8 last week. However, the Chainlink party seems to be coming to an end with the LINK price currently under a strong retracement and dropping by another 4% in the last 24 hours.

Timeline of Chainlink

An on-chain signal that preceded crashes of at least 34% for Chainlink in the past has once again formed for the cryptocurrency. Chainlink 30-Day MVRV Ratio Recently Hit The 20% Mark As explained by an analyst in a post on X, the last two times the 30-day MVRV ratio broke above the 19% level, the price of LINK registered a sharp decline.

Given Chainlink's latest update, several traders may show a newfound interest in the token. However, LINK's rally could be due for a cool down in the short run now that it was drawing closer to overbought territory.

Chainlink has successfully integrated its Interoperability Protocol, Chainlink CCIP, onto Base, a new layer-2 blockchain incubated by the Coinbase crypto exchange. This move, announced in a press release on September 27, opens up a world of possibilities for developers, enabling them to harness the power of cross-chain applications and services.

Shiba Inu (SHIB), a formidable name in the world of meme coins, is now on precarious ground. Earlier today, it dropped below Chainlink (LINK) by market capitalization, according to data provided by CoinMarketCap.

Chainlink (LINK), the decentralized oracle network, has been making waves in the cryptocurrency space recently. Renowned crypto analyst Altcoin Sherpa, known for his insightful market predictions on the social media platform X, has voiced strong support for Chainlink, highlighting its promising fundamentals.

Chainlink (LINK) has recently showcased encouraging signs, especially with its price staying robust above the $7.25 benchmark against the US dollar. Moreover, trading above the critical $7.

The crypto industry continues to trade sideways as the bulls constantly fail to hold the price and continue struggling to stabilize the market. On the other hand, Chainlink has become the top performer among the cryptocurrencies in the past week.

Despite the crypto market's ups and downs, Chainlink, an oracle service provider, has been a strong performer. Its LINK token has gained over 10% in the past week and has recently risen over 5%, surpassing $7.00 and reaching a market cap of $4 billion.

Amid all the volatility within the crypto space, oracle service provider Chainlink has emerged as a strong performer with the LINK price gaining by more than 10% over the last week. Over the last 24 hours, the LINK price has shot up by more than 5% moving past the $7.00 level and hitting a $4

Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery.